Crypto mining has been banned for the Summer in Iran

May 27, 2021


This is to reduce energy consumption as they face a huge shortage.

Iran has officially declared a ban on crypto currency mining. The main reason for this is that they are facing an electricity shortage (something us South African are all too familiar with) and that crypto mining consumes a huge amount of power. It is estimated that about 4.5% of all global crypto mining takes place in Iran, making it one of the mining havens in the world. The number might even be higher as 85% of all crypto mining in Iran is unlicensed. The ban is effective immediately until 22 September. The country hopes this will help it to spread its electricity resources.